Germany readies $26 billion fund for nuclear waste disposal

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BERLIN (AP) — The German government has approved a plan that will see operators of the country’s nuclear power plants pay some 23.5 billion euros ($26 billion) into a fund to finance the storage of radioactive waste as Germany exits atomic energy.

Germany decided after Japan’s Fukushima nuclear disaster five years ago to switch off all its nuclear plants by the end of 2022, and is aiming to generate 80 percent of its electricity from renewable sources by 2050. Eight reactors remain online.

The legislation approved by the Cabinet Wednesday would see plant operators take responsibility for dismantling power plants and packing up waste, while the government would have responsibility for storing the waste.

The Economy Ministry says a formal contract with the electricity companies has yet to be agreed.

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